I enjoy an e-mail statement beside reliance money how can i access this.?
Answers: By "long options" I am assuming you want to rule out any strategy that would require you to write any options, even if they are covered. I believe that make the task much more difficult.
With that restriction, here are some guidelines:
(1) Only buy a alien position when you believe you have identified both the direction that SPY is going to move and you believe the implied volatility of the substitute is lower than the actual volatility SPY will experience.
(2) Always close an existing position before time breakdown (theta) gets too roomy. Usually that would mean closing at lowest possible two weeks to a month before expiration.
(3) Never risk too much of your portfolio at one time on leveraged postions such as option. That means, among other things, that if a positions grows surrounded by value significantly you probably should drain the size of the position by closing part of it.
(4) Do not be afraid to enjoy no position open at any given time. If you do not hold a relatively strong opinion something like future direction and volatility it is better to conserve your assets until a time that you do.
(5) Always use constrict orders.
(6) Make sure you hold read and understood at lowest possible one good book nearly options trading. Since you are essentially trading an index you might want to consider "Trading Index Options" by James B. Bittman.
(7) Don't start trading for genuine money until you have tried newspaper trading your strategy for several months.
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